Maricopa Community Colleges  REA212   20042-20086 
Official Course Description: MCCCD Approval: 07/22/08
REA212 20042-20086 LEC 3 Credit(s) 3 Period(s)
Real Property Tax Law
Exploration and application of real estate tax law, tax assessment methods, determination methods of property valuation and application of tax rates. Recommended for individuals currently involved in real estate, such as: salespersons, brokers, appraisers, assessors, tax agents, consultants, lawyers, paralegals, accountants, property managers and other related professionals.
Prerequisites: None.
Course Note: It is strongly recommended that individuals enrolling in this course have a background in real estate or law. This course is not designed for individuals who do not possess a working knowledge of real estate principles and practices.
 
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MCCCD Official Course Competencies:
 
REA212   20042-20086 Real Property Tax Law
1. Describe the historical foundations of property taxation. (I)
2. Identify levels of property taxes. (II)
3. Describe the system utilized by Arizona county assessor's offices to identify tax parcels. (III)
4. Distinguish types of valuations in accordance to Arizona statutory formula. (IV)
5. Distinguish types of property classifications as determined by usage. (V)
6. Calculate the assessed property values. (VI)
7. Describe the process of determining various tax rates and calculate the appropriate taxes. (VII)
8. Describe the mass appraisal system. (VIII)
9. Identify and explain the appeal processes. (IX)
10. Select and employ proper appeals valuation methods. (X)
11. Generalize the basic concepts of the foundations of Arizona property valuation laws. (XI)
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MCCCD Official Course Outline:
 
REA212   20042-20086 Real Property Tax Law
    I. Historical foundations
      II. Levels of property taxes
          A. Primary
          B. Secondary
        III. Tax parcel systems
            A. Stand alone
            B. Part of economic unit
          IV. Types of valuations
              A. Full Cash Value (FCV)
                1. Cost
                2. Income
                3. Sales comparison approach
              B. Limited Property Value
                1. Statutory mathematical formulas
                2. Comparison of similar properties
            V. Property classification types
              VI. Calculation of assessed property values
                VII. Tax rates
                    A. Determination
                    B. Calculation
                  VIII. Mass appraisal system
                    IX. Appeal process
                        A. Individual assessor appeal
                        B. State Board of Equalization appeal
                        C. Tax or Superior Court appeal
                      X. Appeals valuation methods
                          A. Cost
                          B. Income
                          C. Sales comparison
                        XI. Arizona property valuation laws
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